Group 1 - Overall, there is no need to worry about financial stability [1] - The private credit market deserves close attention from financial regulators [1] Group 2 - The Federal Reserve has made good progress on commercial real estate (CRE) issues [2] Group 3 - Small businesses are facing slightly tighter credit conditions [3]

Core Viewpoint - The Federal Reserve Chairman Jerome Powell indicated that credit conditions for small businesses are somewhat tight [1] Group 1 - Small businesses are experiencing tighter credit conditions, which may impact their ability to access financing [1]